Federal Reserve Chairman Ben Bernanke testified before the Congress for a second day on Thursday. While the introductory statement remained unchanged, investors didn't get new insights from the Q&A session before the Senate Banking Committee. When asked about the time the Fed will scale back its monthly bond-buying programme, he said "it's way too early to make any judgment" as the Fed wants to see sustainable improvement in labor markets. Bernanke also said he has broad support for his policy outlook through the Fed leadership. "We've not changed policy. We are not talking about tightening monetary policy", Bernanke said. He added that none of what the Fed has communicated about winding down its bond purchases implies tighter policy in the foreseeable future. Among other remarks, Bernanke said he doesn't see risks to financial stability from student debt, though he said it could have negative economic consequences in the long-term. "It is not particularly likely to cause any sharp instability of the sort we saw in the last few years", Bernanke said Thursday.https://support.fxcc.com/email/technical/19072013

Upwards scenario: Medium term bias remains positive however further market strengthening is required to clear resistive barrier at 1.5252 (R1). Next visible resistances are seen at 1.5281 (R2) and 1.5311 (R3). Downwards scenario: On the other hand, retracement formation might occur below the immediate support level at 1.5194 (S1). Clearance here would enable our next intraday targets at 1.5162(S2) and 1.5130 (S3).

Upwards scenario: Possibility of upwards action is seen above the next resistance level at 100.22 (R1). Clearance here is required to let the price achieve our higher intraday targets at 100.41 (R2) and 100.61 (R3). Downwards scenario: On the other side, bearish market sentiment could be created if the price manages to overcome our next support level at 99.80 (S1). A violation here might call for a run towards to lower targets at 99.62 (S2) and 99.43 (S3).